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The U.S. Debt Debacle |
| Section: CURRENT ISSUES / ECONOMIC WATCH |
| Author: James C. Lawson |
| Publication: The world & I online |
| Issue Date: 1/1/1996 |
| Size: 829 Words, 6,477 Characters |
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Will our children have to bear our financial burdens? Will they have to suffer because of our fiscal irresponsibility? Are we mortgaging our future to satisfy the needs of today's society?vbcrlf These are just some of the perplexing questions economists and politicians debate whenever they consider solutions to the ever-burgeoning national debt.vbcrlf Known as the "public debt of the United States," the tab has grown beyond terrifying proportions, say economists. By year-end 1995, the national debt was just a whisker shy of $5 trillion.vbcrlf Two years before, it was "only" $3.247 trillion, reports the Bureau of Public Debt, a division of the Treasury...
. . .
...ve budget deficit reductions. The current deficit is "only" $163.8 billion. Although the country has paid nothing down on the national debt, it is beginning to contribute less to it.vbcrlf "Cutting the deficit has been one of the most unappreciated success stories," says Robert Dederick, economic consultant to Northern Trust Company in Chicago. vbcrlf
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